Arista Networks, Inc. (NYSE:ANET) Shares Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 227.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,878 shares of the technology company's stock after acquiring an additional 26,990 shares during the quarter. Pallas Capital Advisors LLC's holdings in Arista Networks were worth $3,012,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after buying an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $202,000. Stratos Wealth Partners LTD. grew its stake in shares of Arista Networks by 335.6% during the fourth quarter. Stratos Wealth Partners LTD. now owns 9,278 shares of the technology company's stock valued at $1,025,000 after buying an additional 7,148 shares during the last quarter. Financial Advocates Investment Management grew its stake in shares of Arista Networks by 308.1% during the fourth quarter. Financial Advocates Investment Management now owns 3,261 shares of the technology company's stock valued at $360,000 after buying an additional 2,462 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $3,528,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Performance

Arista Networks stock traded down $3.49 during mid-day trading on Friday, reaching $92.28. 6,205,708 shares of the company were exchanged, compared to its average volume of 9,041,699. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The business has a fifty day moving average of $85.36 and a 200 day moving average of $96.45. The firm has a market cap of $115.89 billion, a P/E ratio of 41.57, a PEG ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the business posted $0.50 EPS. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company's stock, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,690 shares of company stock worth $9,360,205. Insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ANET shares. Barclays cut their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Wedbush began coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, Rosenblatt Securities increased their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $107.38.

Arista Networks Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.